Covaxin Vouch for WHO Approval
Bharat Biotech has increased the process of getting emergency use approval from WHO for its Covaxin.
As per the company sources, Covaxin meets all the criteria set aside by the World Health Organization (WHO). The company has already submitted an expression of interest (EOI) and it is expecting approval in the second half of 2021.
Covaxin's approval has become a prestige issue for India. Many European countries are opening up their doors for travelers. But Covaxin vaccinated people are kept out of that list as the vaccine lacks WHO's approval. Hence, there was a need to fast-track the entire process.
Highest Ever FDI Flow
As per the Commerce Ministry data, India attracted the highest-ever total foreign direct investment (FDI) inflow. At $81.72 billion during 2020-21, FDI inflow was 10% higher as compared to the previous financial year.
Computer software and hardware emerged as the top sector. It attracted around 44% share of the total FDI equity inflow. It was followed by infrastructure with 13%, and the services sector, which received 8% of the FDI flow.
This data shows the growing confidence in India's growth story, despite the raging pandemic. Singapore, the USA, and Mauritius emerged as the major investor countries for FY 2020-21. Off late, Saudi Arabia has kept increasing its stake in India. And it was the fastest-growing investor in India for FY21.
Sputnik V Begins Production in India
Russian Direct Investment Fund (RDIF) in collaboration with Panacea Biotec, has started production of Sputnik V COVID-19 vaccine in India.
RDIF has the marketing rights of the vaccine internationally, while Panacea Biotec is the domestic pharma company. Under an exclusive agreement, both these entities have agreed to produce 10 crore doses of Sputnik V annually in India.
This plan will help India to overcome the severe shortage of the COVID-19 vaccine. The vaccine can, as well, be exported to other countries at a later stage.
Currently, Sputnik V is being administered on a pilot basis in Hyderabad. With mass production initiated in the country, it can soon be introduced to the other part of the country at a much lesser cost.